The funds being provided by the Export-Import Bank of China (CEXIM) to cover the claims of Baha Mar creditors and former employees should be deposited to a local bank before the end of the week, according to James Smith who represents the government on the claims committee.

"The money is on its way for value in a couple of days," Smith told The Nassau Guardian on Wednesday.

Smith did not specify which day the money will reach The Bahamas, but said the committee "knows exactly when it will be happening".

"We have a date. We always said that we have to put in place our receiving mechanism - setting up the bank account, etc.," he said.

"And, of course, the bank had to, on its end, line up the manner in which the funds would be transferred once they are satisfied that sufficient safeguards are in place.

"That has been going on since this process started. You don't just transfer funds overnight."

When asked if the funds would reach the local bank by the end of the week, Smith said, "Yes. I suspect so."

The claims committee yesterday released a notice for creditors and former employees outlining how they could collect their checks for outstanding money owed to them.

Collections will be dispersed to claimants in alphabetical order beginning September 27.

The government has said that it hopes to have all claims to former employees settled by September 30, with the remaining claims to unsecured creditors of Baha Mar companies in liquidation settled by December 31, 2016.

Paige McCartney, Guardian Staff Reporter

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